ENVALITH
フィーチャ株式会社 logo

Ficha Inc.

4052Growth MarketInformation & Communication

フィーチャ株式会社 logo
Ficha Inc.4052

Business

Ficha Inc. was founded in 2005 and launched its Image Recognition Software Development (Ficha Inc. – single segment) business in 2012; it is listed on the TSE Growth Market. Under the mission "Make Things Intelligent," the company operates across two business pillars: embedded software for ADAS/DMS used in onboard cameras and drive recorders (Mobility Solutions), and corporate DX support solutions such as AI-OCR and drawing-analysis AI (DX-AI Solutions). Its major customers are leading automotive-related companies including Bosch Corporation, Honda Motor Co., Ltd., Forvia Clarion Electronics Co., Ltd., and Kaga FEI Co., Ltd. The company has an R&D subsidiary in Beijing, China, where highly skilled personnel, including PhD holders, lead research and development.

Business Model

The company records fees for customizing and implementing software for customers' in-vehicle cameras and DX solutions as contract development income, and after mass production begins, continuously earns software usage fees based on the number of units installed and usage volume as license income. In the results for FY2025 (ended June 2025), contract development income was ¥340 million (68% of the mix) and license income was ¥158 million (32% of the mix). By focusing on mass-production and continuing license projects, the company aims to build up stock-type revenue.

Company Strengths

As of the end of FY2025 (ended June 2025), the cumulative mass-production volume of the company's licensed products surpassed 2.9 million units. Its track record of transactions with major automotive-related companies such as Bosch Corporation and Honda Motor Co., Ltd. serves as evidence of technological reliability.

In June 2023, the company concluded a capital and business alliance agreement with Bosch Corporation. In FY2025 (ended June 2025), sales to Bosch amounted to ¥139 million (27.9% of total sales), and the deepening of joint development projects continues.

The R&D team is composed of highly knowledgeable personnel, including PhD holders. In FY2025 (ended June 2025), the company invested ¥124 million in research and development expenses, advancing the development of generative AI, LLM, and drawing analysis technologies.

ENVALITH's Perspective

Cumulative sales for the first three quarters of FY2026 (ending June 2026) were ¥366 million (down 9.3% year on year), and operating income was ¥4 million (down 81.3% year on year), showing significant deterioration. The full-year forecast calls for sales of ¥540 million and operating income of ¥17 million, meaning progress through the third quarter stands at only 67.8% for sales and 28.3% for operating income. The company needs to secure ¥174 million in sales and ¥13 million in operating income in the fourth quarter alone, and the difficulty of achieving this is high.

Gross profit for the cumulative first three quarters was ¥270 million (up from ¥260 million in the same period of the prior year), and the gross profit margin improved to 73.8% (from 64.5% in the same period of the prior year). On the other hand, selling, general and administrative expenses increased to ¥265 million (from ¥235 million in the same period of the prior year), and the expansion of fixed costs amid declining sales is significantly compressing operating income. This is a structure in which expanding the scale of sales is essential to achieving profitability.

Of the five fiscal years from FY2021 to FY2025, the company achieved an operating profit in only FY2022 (¥26 million). In FY2025, despite sales of ¥498 million, the company fell into an operating loss of ¥9 million, and in FY2026, cumulative operating income through the third quarter remains at a low level of ¥4 million. While the expanding autonomous driving and ADAS market is a tailwind in terms of the external environment, dependence on specific customers and the risk of fluctuations in contracted development projects are hindering the stabilization of earnings.

Growth Strategy

Two-pillar growth through expansion of Mobility Solutions mass production and multi-industry expansion of DX-AI Solutions

Continuing to secure new mass-production projects for ADAS/DMS license products. Cumulative units have surpassed 3.6 million, and the company aims to build up stock-type license revenue through the continued mass production of models installed in new vehicles.

Based on the capital and business alliance concluded in June 2023, joint development projects with Bosch Corporation are underway. The company aims to expand access to global automakers and strengthen its technological capabilities.

Expanding the service scope of DX-AI Solutions, including the release of the drawing analysis AI "Drawing-AI." The company aims to capture demand for AI-based solutions to labor shortage issues arising from the declining birthrate, aging population, and population decline, and to expand into industries beyond automotive.

Last updated: July 17, 2026